Ethereum founder Vitalik Buterin has just ceded the top cryptocurrency spot to Dogecoin, the world’s first and largest meme-based cryptocurrency. Buterin said Dogecoin deserves to be ranked right behind Bitcoin (BTC), highlighting the meme coin’s importance and unique cultural impact in the crypto space.
Buterin ranks Dogecoin among the top two cryptocurrencies
Teslan, a member of the X (formerly Twitter) cryptocurrency community, recently released a video featuring Buterin in an exclusive interview. During the interview, the Ethereum founder surprisingly endorsed Dogecoin, declaring that it deserves to be ranked second as the most prominent cryptocurrency after Bitcoin.
This unexpected support caught the attention of the crypto market, especially since Ethereum consistently maintains its position as the second-largest cryptocurrency after Bitcoin. Ethereum, the first major cryptocurrency launched after Bitcoin, is considered the world’s leading altcoin with the second largest market capitalization.
Ethereum was founded by Buterin in 2013 and went live in 2015. Dogecoin, on the other hand, was created as a lighthearted joke in 2013 by software engineers Billy Marcus and Jackson Palmer.
DOGE’s usefulness as a meme coin Dogecoin’s usefulness is already lacking compared to Ethereum. However, meme-based cryptocurrencies are gaining significant attention and support due to their unique cultural value and light-hearted and fun themes.
DOGE has evolved over the years, achieving significant growth by building a community of millions of investors and supporters and developing numerous innovative projects. Starting from zero value, Dogecoin reached an all-time high of $0.74 in 2021. Furthermore, its market capitalization has grown to $25 billion.
Dogecoin’s rapid growth and new practical applications in the crypto industry could be the driving force behind Buterin’s support. Although Buterin founded Ethereum, he believes DOGE surpasses ETH in certain aspects. The Ethereum founder also previously revealed that he owns Dogecoin.
Analysts expect DOGE’s next upside target to be above $0.2
Cryptocurrency analyst Jake Wujastyk revealed new bullish predictions for Dogecoin price on X (formerly Twitter) on October 29th. According to the analyst, DOGE is preparing for a major bull run to reach the next upside target of $0.2145 to $0.2295.
Wujatyk presented a detailed chart of Dogecoin prices, illustrating the memecoin’s price movements from 2021 to date. Based on historical price trends on DOGE’s annual chart, analysts believe the meme coin could see an expected appreciation of more than $0.2 by the end of 2024 or towards the beginning of 2025. .
A rise to $0.2295 would represent a 34.7% increase from the current price. At the time of writing, Dogecoin price is trading at $0.17, up 3.86% in the past 24 hours and 24% over the past week, according to CoinMarketCap.
DOGE Price Faces Selling Pressure | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, Charts from Tradingview.com
